The need for Bitcoin Smart Chain arose from the steady decline of Bitcoin's use within the larger crypto ecosystem, due in large part to a lack of smart contract functionality. To fill this need, Bitcoin Smart Chain is an Ethereum EVM fork that uses wBTC as its native currency.
Bitcoin Smart Chain differs from other smart contract solutions in that it is an Ethereum fork, making Bitcoin essentially the “native currency” on a chain compatible with the most widely used crypto applications like MetaMask.
Much like Binance Smart Chain, Bitcoin Smart Chain uses a Proof of Staked Authority/IBFT Proof-of-Stake (PoS) consensus/ or DPoS, needs to be discussed enabling validators to earn wBTC from transaction fees paid to the network. Furthermore, users can delegate their wBTC to validators in order to earn a share of the transaction fees in wBTC. Bitcoin Smart Chain, therefore enables de facto staking of BTC without the creation of new tokens or reliance on a central actor–a first in the industry
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Direct network interaction, ensuring a permissionless, decentralized blockchain. Users earn rewards in wBTC collected from transaction fees.
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By bridging wBTC from Ethereum and back as needed, Bitcoin migration from existing Ethereum smart contracts to Bitcoin Smart Chain is a seamless process
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Community members (token holders) can make proposals, delegate, vote on blockchain parameters & events, and influence governance decisions.
LEARN MOREIn the same way that ETH runs on Ethereum, wBTC will run on Bitcoin Smart
Chain, and remain as “native token”
for both BTC and Bitcoin Smart Chain.
So in addition to using BTC to pay fees on Bitcoin blockchain, wBTC will:
1. Pay “fees“ to deploy smart contracts on Bitcoin Smart Chain
2. Stake on selected Bitcoin Smart Chain validators to earn corresponding rewards
In order to start the network there will be 100,000 $SBC - Smart Bitcoin tokens created. These tokens DO NOT represent Bitcoin in any way; $SBC tokens will be used to activate the network and keep it stable until enough validators and delegates become sufficiently active to sustain the chain.
In addition, $SBC will be used in the future to defend the network against malicious takeovers, or it can be burned once the community has taken over the network.
Supply - 10,000 $SBC
Characteristics - 1000x Delegation power
to be burned or used as safety measure after community takeover of the
network
Business Development and Operations. Prev Founder of VC backed b2b mktplace (exit) Founder of @TheSaudisNFT
Crypto VC, investor, trader and advisory since 2013. Founder of Coinbar group.
9 years of experience in devops, backend, frontend and chain developer at NYM and Torus.
Business Development and Operations. Prev Founder of VC backed b2b mktplace (exit) Founder of @TheSaudisNFT
Crypto VC, investor, trader and advisory since 2013. Founder of Coinbar group.
9 years of experience in devops, backend, frontend and chain developer at NYM and Torus.
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